David Bowie: Innovator in Music and Securities

David Bowie’s innovation in rock music and fashion also stretched to financial markets. (Bloomberg) The musician, who died recently, was the first to create securities out of royalty streams, selling $55 million of Bowie Bonds in 1997 that were tied to future earnings from hits including “Space Oddity” and “Changes.” Securities backed by [...]

Technology and the Market: Wild Treasuries and Superfast Bond Traders

Since the bond market’s version of the “flash crash,” the once unusual bursts of volatility have become increasingly more common. The United States government bond market is considered the deepest and most liquid in the world at $12.9 trillion. However, it is now plagued by more episodes of serious turbulence [...]